Accused Texas Ponzi Schemer May Be Fugitive Md. Fraudster

Aug 3 2011 | 10:25am ET

A veteran fraudster may have adopted a new name and a new hometown, but was up to his old tricks with a hedge fund scam, prosecutors say.

Scott Lindemann has been charged with defrauding at least 25 investors of $2 million. But the man listed as Lindemann in the indictment may, in fact, be Scott Yermish, who fled Maryland more than 10 years ago after first being convicted of fraud—and spending more than a year in jail for it—and then theft.

Yermish allegedly settled in El Paso, Texas, after leaving Maryland without finishing his probated sentence on the theft conviction. According to prosecutors, he set up a Ponzi scheme with his hedge fund there.

"This was a very quick investigation," Erik Vasys, a spokesman for the Federal Bureau of Investigation, told the San Antonio Express-News. "From the time we received the complaint, the subject was arrested in El Paso within seven days."

"We wish all investigations could have this quick a turnaround in order to protect future and potential victims."

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